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Posted July 11th, 2011 in Exits IPOs M&As, VC-backed Biotech Returns

Note to Readers: This blog post was co-written by Bruce Booth and Bijan Salehizadehwho co-authored an article in the July 2011 issue of Nature Biotechnologydetailing the differences in returns between Life Sciences and Tech investing.

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As we outline in our paper in the July issue of Nature Biotechnology, LS venture investing dramatically outperformed Tech venture investing over the past decade.

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Overall Life Sciences/Healthcare venture realized gross pooled mean IRR was 15.0% for the past decade.  This is in contrast to 5.5% for all of venture capital, 3.0% for IT and 4.1% for Software.Authentic Nike Air Max 90 Premium QS 2008 white cement grey infrared ostrich 9,.

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There’s a perception that lots of Life Sciences deals lose money.  It’s true.  58% returned less than their invested capital.2014 Nike Air Max 90 Premium Atmos Tiger Camo Black Grey 3M size 13,.  Furthermore, the frequency of 5x or greater returns are higher in Life Sciences – 8% vs. 4% for IT.Nike Air Lebron X 10 Kyrie 2 Game 3 HomeComing Black gold Sneakers Mens Size 9.5,.g.,. top 1% of Tech deals almost certainly have higher multiples than LS).

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But, as one would expect, not all of the news for Life Sciences is rosy:

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05 Nike Dunk Air COURT FORCE HI STUSSY 1 MAIZE YELLOW SAIL WHITE BONE SHIRT 9.5,.  IPOs are media darlings, and help create buzz about sectors.  In LS, we aren’t likely to have that type of buzz anytime soon.

Our data and analysis of course has some short-comings.2016 Nike Air Jordan 6 VI Retro Pinnacle gold White size 12. 854271-730 1 2 3 4,.  However, it has been shown by others that the recent web high flyers are mostly concentratedNEW DS 2018 Air Jordan Retro 11 Concord White Black 378037-100 sizes 7-13 mens,.

Some of you who follow venture returns data may be asking some questions:

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  3. WORN TWICE NIKE DUNK HIGH PREMIUM SB SKUNK 313171 300 Size 10.5 in OG Box 2010,–  Unlike IT where 100x returns are possible and have driven great outcomes in companies like Skype and Google, and will most likely in Zynga and Facebook, Life Sciences never will have these wild “Black Swan” outliers.. These 100x’ers are the companies that draw press attention, new talent, and more capital into the IT space.
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To get all of the numbers and the full commentary, please head over to the Nature website.

For simplicity’s sake, in this post, we use the term Life Sciences to cover all of Healthcare venture capital investing and the term IT/Tech to cover all Information technology, Internet/Software, and Hardware related categories.

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